The UK's fourth biggest supermarket chain reported pre-tax profits of £767 million for the 12 months to January 31, from £636 million in the previous year.

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Morrisons, which said it expects economic conditions to remain challenging this year, saw like-for-like sales growth slow across the period to 6%, compared with 8.2% the year before.

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The Bradford-based grocer saw turnover rise 6% to £15.4 billion.
It is engaged in a growth strategy put in place by former boss Marc Bolland, who has left to join Marks & Spencer.

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Morrisons opened 43 new outlets in the year, taking its total to 425, and it plans to keep expanding its store base to reach more customers.

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Last year presented a challenge for UK supermarkets as the recession squeezed consumers' wallets.

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Morrisons said it put in place 30,000 price cuts during the year and "delivered a promotional programme that enabled our customers to save money whilst eating good fresh food".

Sales of its own label value range rose 34% in the year, while sales of premium organic and fairtrade products declined.

Christmas trading saw a surge for the firm as it outperformed the
market for the fourth year in a row during the festive season, putting larger rivals in the shade.